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Investing.com -- Germany’s VDMA machinery and equipment manufacturers’ lobby expressed support for the European Union’s initiative to decrease the region’s reliance on critical raw material imports from China, with a specific emphasis on permanent magnets.
The association stated on Monday that the entire European small and medium-sized industrial companies sector depends on access to raw materials.
"Permanent magnets are a particular focus for the mechanical and plant engineering sector," the VDMA noted in its statement.
The German machinery lobby also pointed out that the tightening of Chinese export controls on rare earths demonstrates the necessity for Europe to become more independent from raw material imports.
The VDMA welcomed the EU’s goal to reduce Europe’s dependence on raw material imports from China, highlighting the strategic importance of this initiative for the European industrial sector.
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